Savix x Satoshi Club AMA Recap from 27th of January
Savix is a perfect DeFi collateral — One Token, 3 passive income streams.
The total reward pool was 500$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.
PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Anatol Galkina: Hi satoshi club!
Michael Copper | Savix.Org: Hey there! thanks for having us.
D. | Satoshi Club: Let’s begin with intro! please introduce yourselves and Savix.
Anatol Galkina: My name is Anatol. I have been in crypto since 2012. I have a Master in Mathematics and Physics. Since 2001 i am working in my own software company. Within Savix i am a solidity coder, mainly responsible for the development of the staking algorithm.
Savix is a self-staking mechanism embedded into the ERC20 protocol. One of the main features is a gas-free reward distribution. We were wondering if it could be possible to stake and invest a token at the same time, that’s why we created Savix. The gas-free feature is kind of a side effect really.
D. | Satoshi Club: So it’s an experimental project?
Anatol Galkina: In a way that nobody did it before yes. But we took a lot of effort into developing the perfect algorithm and we did simulations extensively. You can find our simulation code in github, also our test code for basic contract audit. Shall i explain some fundamentals about protocol embedded staking now?
The magic: token balances are kept as a percentage of the total supply internally, not as absolute numbers. This way we can adjust the total supply following a mathematical algorithm without the need of transfers.
Once we output for example “getBalance” function, we turn this percentage into a absolute number all this can be seen again on github in our savix.sol source code, a separate contract is responsible for the calculations separate library to be exact.
Q1 from Telegram Username @ovkneze_big
You decided to do pre-sale on Savix platform. How safe it is? I am usually very careful when connecting my Metamask to different sites. If i am afraid to connect it can i choose another way to purchase $SVX tokens?
Anatol Galkina: You can purchase directly with any wallet by sending ETH directly to our presale contract. you can find instruction on our dapp page: https://savix.org/presale/dapp. Our DApp is only for user convenience.
Our presale contract is also on github, and on etherscan code is visible and verified https://etherscan.io/address/0xb6b3b7af0a504b746c68ec1016563aa72aff5bf9#code
D. | Satoshi Club: And when i can get Savix tokens? right after presale will be finished?
Anatol Galkina: No you get them immediately. but they are transfer locked until the presale ends. you can’t move them.
Gold Rocket | Satoshi Club: What goals and objectives do you set for yourself during the pre-sale?
Anatol Galkina: To have a fair distribution and collect enough funds to further develop our ecosystem and create a healthy uniswap pool.
D. | Satoshi Club: Wow, more than enough time. usually project trying to finish sale asap.
Anatol Galkina: Yeah we are developers focusing on the product. actually we have a lack of marketing knowledge. we discussed a lot internally if we should have aimed for a shorter one to create more fomo. Our goal was mainly to create a good product and that we deliver.
Q2 from Telegram Username @Highpee
One of the attribute of Savix is that scarce, fair, Trustworthy and transparent. However, I discovered that the team is anonymous. Can we trust an anonymous team to be operate Savix in a transparent manner? Also, from your FAQ, you answered the question of audit by assuring that the Savix contract has passed an “internal audit” and you can guarantee investors safety from any form of contract misbehaviour. Don’t you think it will be more transparent to employ an external audit to ascertain the risk level of your contract in order to be fair, transparent and boost investors confidence and trust in your project?
Anatol Galkina: We are thinking about an external audit if we collect enough funds. About the anonymity.
For now our team stays anonymous, because we cannot sufficiently assess the legal situation concerning token sales at the moment. Rules about token sales differ for different countries and are changing steadily. Recently British authorities have forbidden any business related to cryptocurrencies, for example. And even though we sought legal advice and defined our sales terms accordingly we cannot be sure to have met all requirements for all participants and that everybody is correctly respecting the local laws he or she has to follow.
Currently especially the assessment whether a token is considered to be a so-called security or not can make a huge difference for the issuer of a token with significant personal consequences, as soon as we receive the green light from our legal advisers we will decide about revealing our identities to the public again. This is not a situation we are happy with. And we try to compensate for our anonymity by putting a special focus on transparency and trust building.
D. | Satoshi Club: Why did you decide to conduct token sale before external contract audit? maybe your contract has some critical issues?
Anatol Galkina: funds! we developed the project in our free time. Our internal audit follows the same rules as external audits do you can find details in our audit paper (link follows in a sec).
Gold Rocket | Satoshi Club: By the way, how big is your team? How many people? Do you have an office or do you work remotely, as many do during COVID?
Anatol Galkina: A good external audit is expensive. we can get a cheap one, but we think thats like cheating the community. https://savix.org/wp-content/uploads/2020/11/SAVIX-Security-Audit.pdf
We have 4 people working on the project, part remotely, but we also meet up because 3 of us are real life friends.
Q3 from Telegram Username @apocan99
You are introducing a new staking model called Protocol Embedded Staking (PES). How does “embedded staking” work? What are the advantages compared to regular staking? Your token is ERC-20 a known and widely used one, then what is different in your system that helped you create this PES model?
Anatol Galkina: We can paste a picture for this one, hold a sec.
D. | Satoshi Club: As a completely new crypto user, which unfamiliar with things like Uniswap, what kind of benefits i can get from your project? will it be easy for me to use all features? or your project more for mature crypto users?
Anatol Galkina: You just buy and hold it, each time you open your wallet your balance will increase. Does it get any easier?
More experienced users can then take the token and put it into other defi projects simultaneously, like uniswap, or our upcoming “trinary” DApp.
Q4 from Telegram Username @meml97
Could you explain a little better how Savix can produce 3 passive income streams with Trinary? Will this Trinary Service be some sort of exclusive service for investors or like a membership, or can anyone have access to it? When will it go live?
Anatol Galkina: Anyone with savix can access it, we have a quick infograph to explain the bit more complex usage, sec.
There is a 0.3% fee for swapping tokens on Uniswap. This fee is split by liquidity providers proportional to their contribution to liquidity reserves. It is functioning as a payout to all liquidity providers proportional to their share of the pool.
In addition, you will earn Savix staking rewards from the embedded staking protocol while your tokens get used as liquidity.
Whenever liquidity is deposited into a uniswap pool, special tokens known as liquidity tokens are minted to the provider’s address, in proportion to how much liquidity they contributed to the pool. These tokens are a representation of a liquidity provider’s contribution to a pool. With Savix “Trinary” it is possible to deposit savix liquidity tokens for up to 6 months to receive yet another reward layer: ETH from our ecosystem pool. We expect a return of 7% to 15% of your initial investment directly paid in ETH over the first 6 months.
Q5 from Telegram Username @borysfireball
‘Savix features gas-free staking embedded into the ERC-20 protocol. Very easy to use, holders receive staking rewards directly to their wallet without the need of any interaction. ‘It sounds very attractive, but, as far as I know, there is no way to move tokens on the ETH network for free today. So, at whose expense is this banquet? Please explain how this function works in details, because very often it turns out that free cheese is just in a mousetrap.
Anatol Galkina: We answered this in the introduction. we simply do not move the tokens but adjust the fragments (percentage) a user holds of the total supply, we can adjust the holdings of all holders at once. But to be fair, the transfer fee of moving svx tokens within the network will be higher than for ordinary tokens because those transfers trigger our calculations. but this could also be the incentive not to move the tokens without absolute need, the principle of fragmented (percentages) of user balances gets also used in projects like ampleforth.
D. | Satoshi Club: In rebase projects?
Anatol Galkina: Yes like in rebase project. but instead of a rebase, we calculate a staking algorithm.
Gold Rocket | Satoshi Club: Please tell me, is it true that your protocol is compatible with any defi project? How it works?
Anatol Galkina: Because we 100% follow the erc-20 standard protocol, we do not mint/burn/tax on transfers, so we also dont introduce artificial slippage in projects like uniswap.
Q6 from Telegram Username @konditer_rolex
The project team decided to remain anonymous in order to avoid possible problems with the regulatory authorities. This can be understood, now the SEC, having tasted Ripple’s blood, will look for any reason for legal action. For this reason, I do not understand why you are abandoning the DAO. When project management is in the hands of the community, it’s harder to find to whose address the bailiffs should be sent. To summarize the question: Why did you abandon the DAO management form, thereby questioning one of the pillars on which the cryptocurrency rests — decentralization.
Anatol Galkina: No we do not plan any governance to avoid that Savix will be classified a security token. At least in the USA the feature of governance alone most likely leads to the SEC classifying a token as security. And this has many consequences a small team like our simply could neither handle nor financially afford. We want to classify our token as a pure currency what makes it decentralized is a pure contract. We do not have any oracles any contract using oracles, is not truly decentralized, because oracles are a key point of possible manipulation or failure.
PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS
The chat was open for 120 seconds; a lot of questions were posted by Satoshi Club community. Our guests chose some of them.
Q1 from Telegram User @KASG95
I have really been scammed in many projects that claimed to be profitable and that generated more than 2% of daily rewards, being so, how to know that Savix will not be a scam? Or will it really not keep my capital locked in stakeout? And can I withdraw it whenever I want?
Anatol Galkina: We only reward 2% in the early phase, our staking algorithm flattens out over time to keep it sustainable. to get the perfect balance of rewards and the capability of the market to compensate for the has been one of the biggest challenges while developing our algorithm, that’s why we did so many simulations. You do not need to cash out, rewards automatically appear in your wallet.
Q2 from Telegram User @curiosoAMA
You comment that all Savix balances will grow up to 3 times the initial investment for the first 5 years, Wonderful!!!, but after those 5 years what will happen?
Anatol Galkina: After 5 years the interest rate per year will be a stable 3–4%.
Q3 from Telegram User @A5loveZ3
Tell me where i can buy and hold SAVIX?
Anatol Galkina: https://savix.org/presale/dapp
Q4 from Telegram User @PyaraLarka
What is $Savix limits to participate in pre-sale?
Anatol Galkina: 0.1 ETH minimum, 15 ETH maximum.
Q5 from Telegram User @smelekin
Do you have any private sale or whitelist for us to sign in?
Anatol Galkina: No private sale, no whitelisting.
Q6 from Telegram User @highpee
I like the third reward which is trinary reward which reward users who provide liquidity by minting a special liquidity token to them based on their liquidity proportion. However, you also said Trinary reward can give investors a return of 7% to 15% of initial liquidity investment directly paid in ETH over the first 6 months. Is the ETH the Liquidity token rewarded to users or this another separate reward?
Anatol Galkina: The initial 7% we take from the presale. After the first 6 months we will “re-fill” trinary with the fees generated from our uniswap liquidity pool.
Q7 from Telegram User @thoreasy
Why should investors trust your project not to do the same While many projects rug pulled and exit scam recently?
Anatol Galkina: You can never be 100% safe from a rug-pull. they come in many different forms. even a huge project with tens of millions can “rug-pull” by just not delivering in time or at all. you always have to do your own research and trust your instincts.
Q8 from Telegram User @KhaleesiTheCryptoLady
What are the assurance that you will not get rug pulled? Can you list 3 major reasons why should we invest and participate in Savix presale?
- 1. code is deployed, visible and verified on etherscan.
- 2. all our testing is verifiable on github.
- 3. our contract is free of any external way to manipulate it (single contract deployment), no oracles and the like.
Q9 from Telegram User @KevSalom
This is really the first time I’ve heard of a token with this embedded staking mechanics. Was this all designed by you? If so, have you tested it enough to say for sure it is the perfect DeFi guarantee?
Anatol Galkina: We took some basic principles from rebase systems, but the predictable embedded staking mechanic is fully developed by us. we are the first token of that type.
Q10 from Telegram User @BlancaSdF
Why have you decided to incentivize Uniswap poolers and how does this benefit the project, how to start?
Anatol Galkina: Locked savix liquidity tokens will take those SVX from the market for a period of time. this creates a price stabilizing effect which we reward…
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about Savix. A link to a Quiz form was sent into the chat. Participants had 10 minutes to answer. 300$ were distributed between the winners.
For more information and future AMAs, join our Social Media channels:
English Telegram group: https://t.me/Satoshi_club
Russian Telegram group: https://t.me/satoshi_club_ru
Spanish Telegram group: https://t.me/satoshi_club_spanish
Telegram Channel: https://t.me/satoshi_club_channel
For documents and media see: https://savix.org/media